Part of Orders of the Day — Supply – in the House of Commons at 12:00 am on 21st June 1978.

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Photo of Mr Julian Amery Mr Julian Amery , Brighton, Pavilion 12:00 am, 21st June 1978

It is not rubbish. I can substantiate that figure if the hon. Gentleman wishes me to do so. I have the figures here. At the moment, total rebated rents bring in £923 million. Management costs are £244 million, repairs £377 million and social security over and above the rebate £380 million. That leaves a deficit of £78 million on the overall account.

If we adopted the scheme advocated by my right hon. Friend the Member for Worcester (Mr. Walker)—I am not saying, at this stage, that we should—rents would be £850 million in the first year, going down to about £800 million in subsequent years. The collection costs would be £43 million and the social security costs would be £350 million—almost as much as before. Therefore, there would be a saving of £457 million on my right hon. Friend's calculations, coming down to £406 million after 10 years.